Business

Dhaka, Feb 19 (UNB)- Under the joint declaration with US-Bangla Airlines, AerCap and The Boeing Company, the first-ever Boeing 737 Max 8 will be operated by the US-Bangla Airlines in the country.

AerCap, is the largest owner of commercial aircraft in the world and the most active aircraft trader. AerCap serves over 200 customers in approximately 80 countries with comprehensive fleet solutions.

Since its beginning the main goal of US-Bangla has been to provide comfortable, modern and acceptable aircrafts for the passengers and Boeing 737 Max 8 is one of the most widely accepted aircraft, said a press release of US-Bangla Airlines.

Shortly, two brand new ATR 72-600 aircrafts will be added to the fleet of US-Bangla Airlines. According to the demand of passengers, US-Bangla Airlines is the first private airline in country which is collecting aircraft from the factory directly.

The Boeing 737 Max aircraft offers the latest technology to the most popular jet aircraft, Boeing 737. The Boeing 737 Max is designed to provide a comfortable travel experience for the passengers and to manage the routes directly to their favorite destinations.

Dhaka, Feb 18 (UNB) - International Chamber of Commerce, Bangladesh (ICCB) has said the trade conflict between the United States and China is a major concern for global economy as the two countries are the world’s two biggest economies.

“Trade and economic relations between the two countries are of great significance for world economy,” said the ICCB quoting the editorial of its current news bulletin released on Monday.

For most Asian nations, China is their single biggest trading destination while the US remains an invaluable economic partner.

As a result, ICCB said, the escalating tensions between the two economic giants have caused unease for the region.

Bilateral trade and economic ties between China and the US have developed steadily over the decades and the recent trade friction between these two countries has clouded their relations, said the chamber body.

Based on purchasing power parity (PPP) China has been the world's largest economy for the last three years having economic output of $23.12 trillion, followed by EU countries ($19.9 trillion) and US ($19.4 trillion) according to 2017 World Fact book of CIA (Central Intelligence Agency).

The world's three largest economies combined have produced $62.4 trillion, 49 percent of the world's total economy.

Currently, the US is China's biggest export market and sixth biggest source of imports. On the other hand, China is the fastest growing export market and biggest source of imports for the USA.

“The tariff fight between the two countries is often cited as the biggest risk to global investor confidence and a threat to the world economy,” said the ICCB.

According to the recently released White Paper by China, regarding trade and economic frictions with the US, trade between the two states reached US$583.7 billion in 2017.

The Trump administration has instigated a trade war with China by imposing tariffs on a total of $250bn of imports from China.

As counter to the US move, China is also imposing tariffs on $110bn of imports from the US. There have been warnings from both the private and public sectors about the potential spillover effects on the world economy of the ongoing trade war between the two world economic powers.

The ICCB said the US and China agreed to a temporary truce to escalate trade tensions, during G20 Summit in Buenos Aires on December 1 last year.

According to the agreement, both the US and China will refrain from increasing tariffs or imposing new tariffs for 90 days (until March 1, 2019).

On January 7, official delegates from the US and China began trade talks, which were held in Beijing -- the first face-to-face meeting since agreeing to a 90 days truce. Both sides have agreed to continue to keep in close contact.

The ICCB said a trade war cannot help the entrenchment of trust and constructive cooperation in the US-China relations.

“So, it’s crucial for both the countries to mitigate ongoing rivalry without losing any further time to ensure sustainable global economic growth,” the editorial reads.

Dhaka, Feb 18 (UNB) – Members of E-Commerce Association of Bangladesh (E-CAB) on Monday welcomed the Digital Commerce Gazzette-2019 terming it a ‘milestone’ for advancement towards digitisation of country’s business sectors and demanded extension of tax holiday for the sector.

They urged government to acknowledge all sorts of online business as e-commerce activities and demanded extension of vat-tax holiday considering e-commerce a priority sector. They also sought to keep the income tax at a minimum 0.1 percent for e-commerce enterprises.

They came up with the plea at a press conference on ‘Digital Commerce Gazzette-2019 and proposals about digital commerce in coming national budget’ arranged by E-CAB at the Jatiya Press Club.

President of E-CAB Shomi Kaiser urged the government to retain tax holiday for e-commerce enterprises in the upcoming budget of 2019-20 financial year.

“E-commerce will gain more popularity if tax-holiday is retained for the enterprises involved. Also, if any retailer trades online despite having shops outside virtual marketplace; it should also fall under e-commerce and be given the facility,” she added.

E-CAB General Secretary Abdul Wahed Tamal presented proposals from E-CAB for the upcoming budget of 2019-20 financial years.

He demanded change of current definition of ‘online product selling’ and inclusion of proper definition in current gazette.

‘It is indeed a appreciable initiative from the government to publish the policy as gazette in the shortest time. It will be considered as a milestone for e-industrialisation of the country,” said Tamal.

He further said that e-commerce has yet to gain public confidence despite its infrastructural development.

E-CAB put forward a set of proposals for rapid growth of country’s e-commerce sector which included allocation in budget for training of e-commerce entrepreneurs; annexing e-commerce with Information Technology Enabled Service (ITES) definition; vat exemption in renting out office and warehouse; reducing income tax to 0.1 percent and more.

E-CAB executive committee members and Local e-commerce entrepreneurs were also present at the event.

Washington, Feb 18 (Xinhua/UNB) - A recent report showed that U.S. e-commerce giant Amazon did not pay federal income taxes in 2018.

Published Wednesday by the Institute on Taxation and Economic Policy, the report listed the effective tax rate of Amazon at negative 1.2 percent on its pretax profit at 10.8 billions U.S. dollars in 2018.

"The company's newest corporate filing reveals that, far from paying the statutory 21 percent income tax rate on its U.S. income in 2018, Amazon reported a federal income tax rebate of 129 million U.S. dollars," the report said.

It also mentioned that the company paid no federal corporate income taxes in 2017, as the effective tax rate was negative 2.5 percent on its 5.6-billion-dollar income.

The U.S. think tank suggested that government review current tax laws and stop corporate tax avoidance.

U.S. President Donald Trump tweeted in March 2018 on Amazon's reported tax avoidance, accusing the company of "causing tremendous loss to the U.S." by using the postal system as "delivery boy."